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Ford, GM Post Highest Annual US Sales Since 2019
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Main points
- Ford and General Motors report that U.S. new car sales in 2024 will exceed any year since 2019.
- Both companies are reporting significant growth in electric vehicle sales in 2024.
- Ford shares fell 19% last year, while General Motors shares rose 48%.
Ford Motor (F) and General Motors (General Motors) on Friday reported its best annual U.S. new car sales data since before the pandemic.
Ford’s sales in 2024 will be 2.08 million vehicles, a year-on-year increase of 4%, the highest sales volume since 2019 when it sold 2.42 million vehicles. Sales increased 9% in the fourth quarter.
General Motors sold 2.7 million vehicles last year, up 4% from 2023 and the highest level since 2019 when it sold 2.89 million vehicles. Its fourth-quarter sales rose 21%.
Both companies reported growth in their electric vehicle (EV) business. Ford sold a total of 285,291 hybrid, plug-in hybrid and electric vehicles, up 38%, while General Motors’ electric vehicle sales surged 50% to 114,432 vehicles.
Ford shares rose 2.6% during trading on Friday, while General Motors shares rose 0.6%. In 2024, Ford’s stock price fell 19%, while General Motors’ stock price rose 48%.
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